First of Long Island (NASDAQ:FLIC) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of First of Long Island (NASDAQ:FLIC) in a research note issued to investors on Sunday morning. The firm issued a hold rating on the bank’s stock.

First of Long Island Stock Performance

Shares of FLIC opened at $12.40 on Friday. The stock has a 50 day moving average of $13.63 and a 200 day moving average of $12.43. The company has a market capitalization of $279.55 million, a price-to-earnings ratio of 14.09 and a beta of 0.71. First of Long Island has a 12 month low of $9.30 and a 12 month high of $15.03. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.15.

First of Long Island Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 21st. Investors of record on Friday, October 11th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.84 annualized dividend and a yield of 6.77%. First of Long Island’s payout ratio is currently 95.45%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. raised its holdings in shares of First of Long Island by 17.3% in the 2nd quarter. American Century Companies Inc. now owns 351,452 shares of the bank’s stock worth $3,522,000 after purchasing an additional 51,792 shares during the period. AQR Capital Management LLC raised its stake in shares of First of Long Island by 272.6% in the second quarter. AQR Capital Management LLC now owns 438,812 shares of the bank’s stock valued at $4,397,000 after buying an additional 321,032 shares during the period. Wellington Management Group LLP purchased a new position in shares of First of Long Island during the 3rd quarter valued at $5,407,000. Sei Investments Co. grew its stake in shares of First of Long Island by 13.0% during the 2nd quarter. Sei Investments Co. now owns 21,669 shares of the bank’s stock worth $217,000 after acquiring an additional 2,500 shares during the period. Finally, CWM LLC increased its holdings in First of Long Island by 87.8% in the 3rd quarter. CWM LLC now owns 14,668 shares of the bank’s stock worth $189,000 after acquiring an additional 6,856 shares during the last quarter. 48.33% of the stock is owned by institutional investors.

About First of Long Island

The First of Long Island Corporation operates as the holding company for The First National Bank of Long Island that provides financial services to small and medium-sized businesses, professionals, consumers, municipalities, and other organizations. The company offers business and small business checking, personal checking, negotiable order of withdrawal, interest on lawyer, escrow service, rent security, personal and nonpersonal money market, savings, time deposit, and individual retirement accounts.